Wednesday, November 9, 2011

Seoul shares open higher; Hankook Tire tumbles

SEOUL (Nov 9): Seoul shares opened higher on Wednesday after gains on Wall Street and news of Italian Prime Minister Silvio Berlusconi's planned resignation, which sparked hope of reforms that could help address a global credit crunch.

Firm gains in banks like KB Financial Group , which rose 1.1 percent, gave the market support.

But Hankook Tire slid nearly 9 percent after French tyre maker Michelin said it would sell its 9.98 percent stake in Hankook in a move to streamline its portfolio and generate cash.

The Korea Composite Stock Price Index (KOSPI) was up 1.35 percent at 1,928.74 as of 0004 GMT. ' Reuters

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